Selling a home with an outstanding mortgage can be a daunting task. The buyer is generally discouraged from buying a property that is burdened by a loan and especially by a real mortgage guarantee . However, following a personal or professional affair, you may decide to proceed with the alienation of your property. In fact, the bank has no ownership over your asset. It has only registered a mortgage on the property, to guarantee, in all cases, the repayment of the sum and interest . For all these reasons, you can safely sell your home, even though the mortgage is still outstanding https://www.thehouseguysdc.com/we-buy-houses-virginia-beach/
But how to do?
In this regard, indeed, there are several alternatives. In particular, we want to highlight three of them:
Warranty replacement ;
The assumption of the mortgage ;
Early repayment of the loan.
Is It Possible To Sell A House With A Mortgage In Progress?
The first question we must necessarily ask ourselves is whether it is possible to sell a house with a mortgage in progress. It could reasonably happen that we decide to buy a property at a given moment in our lives, taking out a mortgage. However, we could find ourselves in the situation of having to sell the property purchased for work reasons, due to a transfer, or family needs. But is this operation possible while the loan to be repaid to the bank is still pending?
On the first point, there are no reasons for concern. In fact, you are the owner, to all intents and purposes, of the property covered by the notarial deed stipulated with the seller. In this regard, the conclusion does not change even if you had to resort to a bank loan to proceed with the payment of the consideration .
The lender, generally the bank, in fact, has no ownership over your asset. It has only registered a mortgage on the property, to guarantee, in all cases, the repayment of the sum and interest . For all these reasons, you can safely sell your home, even though the mortgage is still outstanding. Obviously you will still have to come to terms with the real security rights that affect the property.
